1816 Mcdowell StCharlotte, NC 28205
- Garden apartment buildings
- 7,776 SF
Property Details for 1816 Mcdowell St
- Year built
- 1966
- Lot size
- 0.51 AC
- Property size (Sq ft)
- 7,776 SF
- Zone code
- R5
- Property type
- Garden apartment buildings
- APN
- 8304304
- APU
- 8304304
Description
This exceptional 8-unit apartment building presents a compelling investment opportunity in Charlotte, NC. The property, located at 1816 N McDowell St, boasts 6,400 square feet of net rentable space across two, two-story buildings on a 21,780 square foot lot. Completely renovated in 2022, each unit features quality finishes, new appliances, and updated fixtures and flooring. The property currently enjoys 100% occupancy (as of July 1, 2024), generating a Net Operating Income (NOI) of $142,000, resulting in a 6.31% capitalization rate. Pro-forma projections, assuming renovation of a ninth unit, increase the NOI to $176,000 and the cap rate to 7.82%. The asking price is $2,250,000, or $281,250 per unit. Twelve parking spaces are available for residents. The property is zoned R-5 and is conveniently located near Uptown Charlotte, the NoDa Arts District, and the Little Sugar Creek Greenway, offering easy access to public transportation, including the LYNX Blue Line Light Rail. This prime location, coupled with the recent renovations and high occupancy rate, makes this a truly attractive investment opportunity in a thriving Charlotte neighborhood. The property features an outdoor fire pit and barbeque area. Built in 1966, this fee-simple ownership offers a strong return on investment with significant upside potential.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $2,938,190
- 6.5%
- $2,712,180
- 7%
- $2,518,450
-
Comparable approach
- Method
- Valuation
- Relative Method
- $1,540,640
- Geo Method
- $1,540,640
-
Alternative Use
- Use
- Valuation
- Industrial / Distribution
- $4,542,970
- Retail / Commercial
- $2,285,090
- Mixed-Use / Specialty
- $2,241,870
- Hospitality / Lodging
- $1,599,110
- Office
- $2,192,010
- Institutional / Educational
- $2,318,100
- Multifamily
- $3,447,320
- Automotive / Energy
- $1,986,940
- Parking / Income-Based Land
- $720,330
- Restaurant / Food Service
- $1,091,140
- Healthcare / Senior Housing
- $2,334,970
Location Insight
- City
- Charlotte
- County
- Mecklenburg
- State
- North Carolina
- Latitude
- 35.2355
- Longitude
- -80.8178
- CBSA code
- 16740
- CBSA name
- CHARLOTTE-CONCORD-GASTONIA, NC-SC METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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